Saverglass will now operate as a growth platform for Orora. Credit: CHUTTERSNAP via Unsplash.

Sustainable packaging solution manufacturer and distributor Orora has completed the acquisition of Saverglass via the purchase of Olympe.

In September this year, Orora announced that it would acquire Saverglass through the acquisition of its holding company, Olympe, for an enterprise value of A$2.15bn.

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Saverglass specialises in designing and manufacturing bottles for the premium and ultra-premium spirit and wine markets.

It operates a network of strategically located manufacturing operations across three continents and serves customers in more than 100 countries.

The acquisition will improve Orora’s strategic advantage, scale, and diversification, as well as provide growth opportunities in the future.

Orora CEO Brian Lowe said: “We are extremely pleased to announce the completion of the acquisition of Saverglass. This strategic acquisition further strengthens our existing business, establishing Orora as a global player of scale in attractive premium segments.

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“I am thrilled that Saverglass is now officially part of the Orora Group, and I look forward to working with the Saverglass team, led by CEO Jean-Marc Arrambourg, as we embark on this next exciting chapter in our company journey.”

At the time of announcing the deal, Orora said that Saverglass would operate as a third platform for growth, under the combined leadership of Orora and Saverglass’ management teams.

The deal is forecast to be mid-single-digit earnings per share accretive in the first full financial year of ownership.

Orora funded the transaction using funds it raised from institutional placement, accelerated non-renounceable entitlement offers, and extended global syndicated facility agreements.